A study of the impacts of quantitative easing on the macroeconomics variables

Neste trabalho, propusemos um modelo DSGE que busca responder algumas questões sobre políticas de afrouxamento monetário (Quantitative Easing - QE) recentemente implementadas em resposta à crise de 2008. Desenvolvemos um modelo DSGE com agentes heterogêneos e preferred-habitat nas compras de títulos do governo. Nosso modelo permite o estudo da otimalidade da compra de portfolio (em termos de duration dos títulos) para os bancos centrais quando estão implementando a política. Além disso, a estrutura heterogênea nos permite olhar para distribuição de renda provocada pelas compras de títulos. Nossos resultados preliminares evidenciam o efeito distributivo do QE. No entanto, nosso modelo expandido apresentou alguns problemas de estabilidade.

Discrimination in the workforce: how it impacts a business

Discrimination, in its best form, is a hard concept to fathom as an employee or ordinary citizen. In the workplace, there are times when discrimination is necessary due to extenuating circumstances that revolve around the form or act of discrimination. It could be conveyed to save a life or avoid future conflict. However, it must be clearly stated as a written law that the act is lawful. When unlawful discrimination occurs, it stages an entirely different tone, as it is mainly conducted out of malice, hatred, greed, control, or ignorance. Over the last few decades, discrimination has existed in the workplace, although Federal laws mandate that it does not occur. It does not exist in just one geographical area or is country specific, but covers a wide spectrum, linking countries together from their points of view to creating rifts amongst those who are affected and those who are not, not only from a business perspective, but social humanistic relationships as well. This thesis will use quantitative and qualitative data to support discrimination of sexual harassment, race or color, and gender issues, as well as personal experiences, and how it has and will continue to impact businesses if the acts do not cease, permanently. Leadership, from the Presidents and Heads of Countries, Chief Executive Officers (CEOs), managers, lowest-ranking supervisor, and employees should make it their personal goal to ensure these issues do not continue or arise in their perspective areas of responsibilities. When employees understand that they are valued, will be taken seriously when reporting acts of discrimination, and that some form of action will be taken, performance and productivity will escalate, and morale will increase in the workplace, resulting in higher productivity and subsequently higher profit margins for the company.

Rural technology adoption and its impacts: direct planting system in Sao Paulo

Este trabalho investiga a adoção do Sistema de Plantio Direto (SPD) no Brasil, uma tecnologia rural bastante promovida devido aos benefícios, tanto privados como sociais, que alegadamente traz. O trabalho baseia-se em evidências recentes sobre os determinantes da adoção desta tecnologia para investigar seus impactos utilizando-se de um grande painel de microdados de unidades de produção agrícola no estado de São Paulo, Brasil. Nós exploramos variações em localizações geográficas e características de solos para construir instrumentos para a adoção e assim identificar os impactos dessa adoção na produção agrícola, nas alo- cações de terras e em outros indicadores da organização produtiva das fazendas. Embora as evidências de ganhos de produtividade permaneçam inconclusivas, nós encontramos impactos significativos da adoção de SPD na alocação de terras e nas decisões de produção.

The impacts of TTIP on Brazil

The objective of this project is to analyze the effects for Brazil of the conclusion of TTIP. This is approached under different hypotheses: considering the effects on Brazil of a TTIP with the reduction of only tariff barriers between US and EU; introducing a partial reduction of non-tariff barriers; and, at last, with a complete reduction of these barriers. To finalize, an audacious alternative is assumed: a hypothetical participation of Brazil in the TTIP under a partial reduction of agricultural tariffs by the US and EU markets, and under a full liberalization of their agricultural markets. The methodology used to estimate non-tariff barriers was presented in the Ecorys Project (2009) developed by Berden e Francois to the European Commission.

Exchange rate misalignments and international trade policy: impacts on tariffs

The debate on “exchange wars and trade wars” is raising the attention of experts on international trade and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on one of the most traditional trade policy instruments – tariffs, as defined by the WTO – World Trade Organization. It is divided into three sections: the first one examines the effects of exchange rate variations on tariffs and its consequences for the multilateral trade system; the second explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, US and China; and the third summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication”

EU-Mercosur trade relations: impacts of exchange rate misalignments on tariffs

The issue of “trade and exchange rate misalignments” is being discussed at the G20, IMF and WTO, following an initiative by Brazil. The main purpose of this paper is to apply the methodology developed by the authors to exam the impacts of misalignment on tariffs in order to analyse the impacts of misalignments on the trade relations between two customs unions – the EU and Mercosur, as well as to explain how tariff barriers are affected. It is divided into several sections: the first summarises the debate on exchange rates at the WTO; the second explains the methodology used to determine exchange rate misalignments; the third and fourth summarises the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of ‘misalignment tariffication’; the fifth reviews the effects of exchange rate misalignments on tariffs and its consequences for the trade negotiations between the two areas; and the last concludes and suggests a way to move the debate forward in the context of regional arrangements

Financial governance: the Brazilian experience on prudential regulation and its impacts on the effects of the 2008 financial crisis

The Brazilian economy was severely hit by the 2008 crisis. In the beginning of the crisis, the vast majorities of the economic agents and authorities thought that Brazil could face some sort of decoupling since some macroeconomic fundamentals were very good. What we saw, however, was that the Brazilian economy was not decoupled, and expectations faced a huge deterioration soon after the bankruptcy of Lehman Brothers in September 15th. Two aspects regarding the impact of crisis in Brazil, however, deserve a great deal of attention: (a) although deep, the impact did not last for a long time. Actually, the GDP growth experienced a good recovery in the second quarter of 2009, showing that the health of the Brazilian economy was good; (b) the Brazilian banking system performed very well during the crisis, although we cannot say the system was not in danger in the worst time of the crisis. In spite of the confidence crisis faced by the banking system 1, it showed a great deal of resilience. In this aspect, we argue that the restructure faced by the banking system in the aftermath of the Real Plan, as well as the development of a solid supervision regulation helped a lot the system to avoid the systemic crisis that was an open possibility to the Brazilian banking system in the end of 2008. These notes, thus, discusse why the Brazilian banking system performed pretty well in the 2008 financial crisis and how the Brazilian banking (and prudential) regulation can be taken as responsible for this good performance. More specifically, the paper back to the middle of the 1990s, when the Real Plan was implemented, in order to understand the role played by the restructuring of the Brazilian financial system in helping to pave the way to the great resilience experienced by the Brazilian banking system during the 2008 crisis. More specifically, the prudential regulation that was implemented in Brazil in the aftermath of the Real Plan seems to play a decisive role in the resilience of the system nowadays.

Natural disasters and their impacts on supply chains

This research aimed to understand how Brazilian organizations, located in areas affected by natural disasters were impacted in their operations and the impacts to their whole supply chain. Based on documentary analysis, the study identified the major events that happened in Brazil between 2003 and 2012 and the most affected supply chains, as well as key players during the disaster and the greatest impacts on economic activities. The results suggest that natural disasters are still not considered in the risk management by companies, despite the effects on their activities

Role of the oblique ligament in the integrity of the medial collateral ligament of the canine elbow joint

Foram estudados o arranjo e o diâmetro médio das fibrilas colágenas do ligamento colateral medial da articulação do cotovelo do cão, isolado ou associado ao ligamento oblíquo e tracionado até a ruptura. Dezoito articulações foram divididas em três grupos. O primeiro grupo teve o ligamento colateral medial coletado, mas não tracionado; o segundo grupo teve o ligamento colateral medial tracionado isoladamente; o terceiro grupo teve os ligamentos colateral medial e oblíquo tracionados associadamente. O ligamento colateral medial não submetido ao ensaio de tração apresentou um padrão ondulado das fibras colágenas, o qual não foi totalmente destruído quando foi tracionado, associado ao ligamento oblíquo, e perdeu totalmente o padrão reticular das fibras colágenas quando testado isoladamente. Quando o ligamento colateral medial foi submetido à tensão isoladamente, o diâmetro médio das fibrilas colágenas aumentou em relação ao grupo não submetido à tensão. Associado ao ligamento oblíquo, o diâmetro médio das fibrilas colágenas foi o maior na região de inserção e o menor na região média, em relação aos outros grupos. Concluiu-se que o ligamento oblíquo pode favorecer a integridade da região de inserção do ligamento colateral medial, aumentando a eficácia de sua reconstrução após a lesão.

Spittlebug impacts on sugarcane quality and ethanol production

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Impacts of limestone and nitrogen top dressing application on the potassium content in the soil profile and marandu-grass leaf concentration

Objetivou-se avaliar os efeitos de nitrogênio (0, 100, 200, 300 e 400 kg/ha.ano), com ou sem aplicação de calcário dolomítico em cobertura, sobre o teor de potássio (K) do solo nas profundidades de 0 a 5; 5 a 10; e 10 a 20 cm e a concentração de potássio na planta. O experimento foi realizado em Latossolo Vermelho distroférrico de relevo suavemente ondulado, disposto em esquema fatorial 5 × 2, em blocos casualizados, com quatro repetições. A adubação nitrogenada promoveu aumento linear na concentração de potássio na planta e no teor desse mineral na camada de 0 a 5 cm do solo. Ocorreu efeito de inibição competitiva entre a absorção de potássio e cálcio e entre potássio e magnésio. Embora uma fração significativa de potássio retorne à camada superficial do solo pelo resíduo de forragem, em decorrência da maior produção de massa, o aumento da concentração de potássio na planta nas mais altas doses de nitrogênio comprova a importância do suprimento de potássio para a planta, por intensificar a massa de forragem.

Ecological impacts from syngas burning in internal combustion engine: Technical and economic aspects

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Viable human buccal mucosa cells do not yield typical nucleoids: Impacts on the single-cell gel electrophoresis/comet assay

Buccal mucosa (BM) cells have been used in human biomonitoring studies for detecting DNA adducts and chromosomal damage in an epithelial cell population. In the present study, we have investigated if human BM cells are suitable for use in the single-cell gel electrophoresis (SCGE)/Comet assay as an approach for estimating the exposure of epithelial cells to DNA-damaging agents. Our results indicate that only a few cells from BM cell samples yield comets that can be analyzed by current methods, and that the yield of cells with comets is independent of the percentage of viable BM cells in the sample. Data generated after enzymatic enrichment of viable cells and immunomagnetic separation of epithelial cells suggest that most of the BM cells that do form comets are probably leukocytes. Moreover, by reevaluating specific cells after running the Comet assay, we found that viable epithelial BM cells give rise to atypical comets that are not included in the analysis. Comparing DNA migration patterns between small groups of smokers and nonsmokers indicated that long-term smoking had no effect on the subpopulation of cells that yield typical comets. Our results indicate that the SCGE assay, as it is commonly performed, may not be useful for genotoxicity monitoring in human epithelial BM cells.